So far it appears only three banks have moved rates following the Reserve Bank's cut to the official cash rate yesterday. ANZ passed on five points of the cut, Westpac 10 and Kiwibank 20 points. It will be interesting to see who else moves today. Arguably the most interesting thing is that there have been increases to term deposit rates. This illustrates a desire from the banks to secure more funding from local investors rather than offshore.
Only three move so far
12 August 2016
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